Social Security checks may be reduced in six years – months earlier than previously estimated. If Congress doesn’t allocate funds for the program, it is expected to run out of money by 2032, according to a new report released by Social Security’s trustees.
The Old-Age and Survivors Insurance Trust Fund (OASI) is an account in the United States Treasury that “provides automatic spending authority” to issue monthly payments to retired beneficiaries and the survivors of deceased insured workers. The spending authority is automatic, allowing the Social Security Administration to proceed with benefit payments without requesting funds from Congress.
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